External broker reports(aggregated public sources), BNP Paribas

BNP Paribas

Based in Paris, BNP Paribas' Economic Research Department is composed of economists and statisticians: The OECD Economics team, in charge of macroeconomic and financial forecasts, and the team of statisticians, both headed by Hélène Baudchon. The Emerging Economies and Country Risk team, led by François Faure and assisted by Christine Peltier, responsible for assessing country risk and its components. The Banking Economics team, led by Laurent Quignon, studies the banking systems of major developed countries and the impact of prudential standards. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Macroeconomics

<ul><li>The messages sent out by the Brazilian financial markets and those of the real economy have become increasingly incongruent.</li><li>Robust economic growth, low unemployment and relatively subdued inflation have become steadily overshadowed by rising political and fiscal risks, which have weighed more heavily on the currency, equity prices and the yield curve.</li><li>Lula's parliamentary setbacks, his frictions with the Central Bank and increased interventionism have rattled investors already shaken by major revisions to global and local interest rate projections.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The messages sent out by the Brazilian financial markets and those of the real economy have become increasingly incongruent.Robust economic growth, low unemployment and relatively subdued inflation have become steadily overshadowed by rising political and fiscal risks, which have weighed more heavily on the currency, equity prices and the yield curve.Lula's parliamentary setbacks, his frictions with the Central Bank and increased interventionism have rattled investors already shaken by major revisions to global and local interest rate projections.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Brazil: the real economy and markets - the quest for synchronicity